Synchronized Production Policies for Deteriorating Items in a Declining Market

Vijay Aggarwal · Hamid Bahari-Kashani

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Supply Chain and Inventory Management Management and Optimization Techniques Scheduling and Optimization Algorithms

Abstract

This paper considers a production-inventory system for a line of product in which the items are deteriorating at a constant rate, the demand rate decreases negative exponentially, and no shortages are allowed. We consider a finite planning horizon, and assume that the replenishments will occur through internal production at fixed intervals of time, but that flexible rates of production are available for each period. Mathematical models are developed to yield the optimal information on the production runs under various explicit time and cost implications of in-house production. Computational results are provided, and comparison of policies made with respect to the instantaneous replenishment situation. The model has important ramifications for just-in-time policies, flexible manufacturing environments, and make-buy strategic decisions.

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References

1964Analysis of Inventory Systems.1958Dynamic Version of the Economic Lot Size Model 2004Dynamic Version of the Economic Lot Size Model 1983Production and inventory management 1977Inventory Replenishment Policy for a Linear Trend in Demand—An Analytical Solution 1981(T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand 1979A Simple Inventory Replenishment Decision Rule for a Linear Trend in Demand 1984On (T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand

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2002EOQ inventory model for items with Weibull distribution deterioration, time-varying demand and partial backlogging 2003A new variable production scheduling strategy for deteriorating items with time-varying demand and partial lost sale 1999An EOQ model for deteriorating items in a declining market with SFI policy 2014Inventory control with deteriorating items: A state-of-the-art literature review 2012An Inventory Model for Deteriorating Items with Quadratic Demand and Partial Backlogging

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